This week's Crypto Biz theme is that traditional finance is continuing to delve deeper into the core infrastructure of crypto.
Tether is attracting major venture capital firms to participate in a new round of financing, which is reported to potentially bring its valuation close to that of tech giants like OpenAI. Meanwhile, U.S. regulators are considering whether to allow traditional stocks to be traded on-chain, as the integration of the U.S. Securities and Exchange Commission, Wall Street, and asset tokenization deepens, making this topic increasingly heated.
Additionally, JPMorgan's Kinexys platform has added a large bank user from the Gulf region, while a Nasdaq-listed biotech company has allocated all of its treasury assets to DePIN tokens.
Bloomberg reports that several well-known investors are in talks to participate in Tether's upcoming financing, which could push the stablecoin issuer's valuation to $500 billion.
Venture capital firms such as SoftBank Group and ARK Investment Management are considering participating in this financing round, which could be as high as $20 billion. If completed, this round of financing would align Tether's valuation with that of large private companies like OpenAI.
Tether CEO Paolo Ardoino confirmed that the company is in discussions with "a group of high-profile investors" regarding financing matters, but did not disclose details of the deal structure.
As the issuer of the world's largest stablecoin USDt (USDT), Tether ranks among the top globally in terms of per capita profitability. The company is actively expanding its core stablecoin business, venturing into infrastructure, energy production, and venture capital to diversify its revenue sources and break through the limitations of interest income.
Consistent with its recent stance of recognizing asset tokenization as "innovation," the U.S. Securities and Exchange Commission is studying a plan to allow U.S. stocks to be traded on-chain through approved crypto exchanges.
According to The Information, this development was disclosed early, stating that the proposal is still in its preliminary stages and only applies to regulated digital asset platforms. If implemented, this framework is expected to allow more traders access to U.S. stocks and extend trading hours beyond traditional market times.
Market interest in tokenized securities continues to rise, with platforms like Robinhood and Kraken launching tokenized stock products. Meanwhile, the Nasdaq exchange has applied to the SEC for a rule change to allow tokenized securities to be listed on its platform. Coinbase is also seeking SEC approval to launch similar products.
Qatar National Bank Group (QNB) will use JPMorgan's Kinexys blockchain platform to process corporate dollar payments more quickly and efficiently, highlighting the increasingly important role of blockchain in traditional finance.
According to Bloomberg, Kamel Moris, Executive Vice President of QNB's transaction banking business, stated that this development is a "dream come true for CFOs," and noted that the platform can operate around the clock. "We can guarantee payments completed in as fast as 2 minutes," Moris said.
Kinexys currently processes about $3 billion in transactions daily, which is a small proportion of JPMorgan's total daily payment volume of $100 trillion. As Cointelegraph reported earlier, Kinexys is also collaborating with Chainlink and Ondo Finance to promote cross-chain treasury settlements.
Nasdaq-listed biotech company Predictive Oncology has established a digital asset treasury totaling $344.4 million, entirely composed of Aethir (ATH) tokens, becoming the first U.S. publicly traded company to hold decentralized physical infrastructure network (DePIN) tokens.
This capital allocation was co-developed with Web3 investment and consulting firm DNA Fund, with support from investment bank BTIG.
This strategy allows Predictive Oncology to gain exposure to the DePIN space, which coordinates and incentivizes blockchain networks for real-world infrastructure such as computing power, storage, or connectivity.
Aethir operates a decentralized cloud computing network that provides GPU infrastructure for AI and other high-performance applications. Its ATH token currently has a market capitalization of approximately $640 million.
According to Cointelegraph, Chris Miglino, co-founder of DNA Fund, stated: "Through Aethir, ATH controls one of the largest decentralized GPU networks in the world—this network has deployed 435,000 GPU nodes across 93 countries and over 200 locations, directly connecting to the Nvidia ecosystem."
Crypto Biz delivers timely updates on blockchain and crypto industry business dynamics every Thursday.
Related: Stablecoin market cap rises, synthetic asset sector strengthens again
Original article: “Crypto Biz: From Banking to Biotech, Real World Assets (RWA) Accelerate On-Chain”
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